Student Loans for Parents

Unless you have built a corpus for your children’s overseas education, there is no way you can simply slash your savings and send them to study in their desired college abroad. Overseas education loan is easily accessible therefore, for those parents who wish to see their children at rising heights of their career. EduLoans helps you find out 6 great student loans for parents in 2021 so that you can send your kids to their dream career.

HDFC Credila Education Loan

The table below shows you the perks and disadvantages for this overseas education loan from HDFC Credila for loan for study abroad.

Pros Cons
Quick processing 1.00 % Fixed (Non

Refundable) +

Insurance ( Non

Collateral) processing fees chargeable and upfront charges

Availability of Unsecured Loans Up to 4% of the prepayment charges during moratorium tenure
80 E Tax Benefit Not Supportive of NON US Students

HDFC loan for study abroad is available for secured and unsecured options and the rate of Interest is 11.00 – 13.00 %.

Avanse overseas education loan

Have a look at the table below first-

Pros Cons
Quick processing and lesser paperwork 1.00 % Fixed (Non

Refundable) +

Insurance ( Non

Collateral) processing fees chargeable and upfront charges

Also provides education loan for e-learning Rate of interest is high
Has a Wide range of Products No pre-payment in initial 6 months

This RBI regulated NBFC provides affordable education loans to parents for their children. The major benefit you get with Avanse is quicker disbursal of loan for study abroad.

SBI Global Ed-Vantage loan for study abroad

Pros Cons
Limited by 80% – 100% of

collateral or Maximum 100% cost

of study

Only Collateral Loan provided with same interest rate without any differentiation on student profile or Co-signor profile
Lesser interest rate, 9.05% to 11% Higher processing time
80 E Tax Benefit 15% margin required for foreign studies

This is also one of the great student loans for parents in 2021. This overseas education loan is also available for certificate courses, such as CIMA-London and CPA-US.

Baroda Scholar student loans for parents in 2021

Bank of Baroda offers overseas education loan for parents in 2021 under Baroda Scholar scheme. It provides education loan for most of the countries, including the popular ones like US, UK, Australia, Canada and more.

Pros Cons
Limited by 80% – 100% of

collateral or Maximum 100% cost

of study

Can provide only collateral student loan
Lesser and preferential interest rate, 9.05% to 11% plus low processing fees. Slow processing of loan documents
80 E Tax Benefit Requires All property documents

Axis Bank overseas education loan

Pros Cons
Can provide Unsecured loans to the students based on University and Course admits. They are expensive than public sector banks
Provides door to door service to the Student They require Margin Money on Disbursal
80 E Tax Benefit Requires All property documents in case of Collateral Loan

The loan amount is sanctioned approx. 10-14 working days post submission of all the required documents.

IS mart education loan for study abroad from ICICI

ICICI Bank offers foreign education loan for students under I Smart loan scheme. Parents can avail a loan of upto 1 Crore if you are applying for secured education loan, and up to 40 lakhs for unsecured education loan.

Pros Cons
Can provide Unsecured loans to the students based on University and Course admits. They are expensive than public sector banks
Provides door to door service to the Student They require Margin Money on Disbursal
80 E Tax Benefit Requires All property documents in case of Collateral Loan

EduLoans helps you find a great student loan for parents in 2021

Eduloans helps you navigate the best overseas education loan for study abroad. We based on Your profile, Parents Profile or Collateral we select the cheapest and Convenient loan for study abroad.   We reduce the turnaround time by ensuring stringent follow ups on the loan status and ensure you get timely delivery and help you explore various great student loan options. In the times of pandemic, our dedicated loan counsellors ensure that everything is done digitally without you having to step out of your home.

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